Man in China jumps into molten-steel furnace after allegedly losing money on stock market

He had allegedly lost more than 60,000 yuan (S$12,281) on Mar. 24.

Lean Jinghui | April 06, 2021, 05:47 PM

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A worker at a steel manufacturer in China took his own life by jumping into a blast furnace after allegedly accruing large financial losses in stocks trading.

Ruled as suicide by local police

According to the South China Morning Post, Wang Long, a 34-year-old worker at Baogang Group (one of China's major steel producers) first went missing on Mar. 24 while on night duty.

The company immediately carried out a search, and a surveillance video, which later went viral online, showed Wang committing suicide.

His act of self-immolation was later confirmed by police.

Hesitated initially

In the short video, Wang was seen taking off his safety helmet and gloves and placing them on the ground, before jumping into the furnace of molten steel.

The Global Times reported that Wang's suicide was suspected to be related to the large amount of losses he'd sustained on Mar. 24 and his inability to repay his debts.

Lost over S$12,281 in one day

According to the Global Times, Baogang Group disclosed that Wang had worked in the company for over a decade.

Per his workmates, Wang was introverted and unmarried, and had been buying futures and stocks through securities companies for a long time.

But then, on Mar. 24, he had lost more than 60,000 yuan (S$12,281) in the stock market.

China's benchmark indexes had fallen to their lowest close in three months, according to Vice.

The company said that they were deeply sorry for his death, and would "proactively appease" the emotions of his family and carry out psychological counselling for its other employees.

Netizens offer condolences

Many netizens took to discussing Wang's death on social media such as Weibo, with a trending hashtag garnering over 140 million views.

Some expressed concern over the reasons behind the incident.

"That's more than 1,000 degrees. How could he make the jump into it?", one netizen posted according to Global Times.

Others wished him greater happiness and peace in his next life, adding that investing in stocks was risky business and necessitated only using money that one was willing to lose.

Image via Weibo

Information for mental health assistance

If you or someone you know are in mental distress, here are some hotlines in Singapore you can call to seek help, advice, or just a listening ear:

  • SOS 24-hour Hotline: 1800-221-4444
  • Singapore Association for Mental Health: 1800-283-7019
  • Institute of Mental Health: 6389-2222 (24 hours)
  • Tinkle Friend: 1800-274-4788 (for primary school-aged children)

Top screenshot via via Global Times Twitter